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April 24, 2014

Homework Help: Persoanl finance

Posted by dawn on Saturday, July 28, 2012 at 4:54pm.

1. Jenny Franklin estimates that as a result of completing her masterís degree, she will earn
$ 7,000 a year more for the next 40 years.

a. What would be the total amount of additional earnings?

40 yrs * 7,000/ yr = $280,000

I don't understand how to get this part?
b. What would be the future value of these additional earnings based on an annual interest rate of 6 percent?

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